The speaker discusses the importance of storing Bitcoin in a personal wallet rather than on an exchange due to the risk of losing funds if the exchange goes bankrupt. They recommend transferring accumulated Bitcoin to a personal wallet that exists on-chain.
The speaker then delves into the different types of wallets, starting with hard wallets. They note that while these are hardware devices optimized for managing Bitcoin, they can be costly and require learning how to use them. They also mention that they have not used hard wallets due to their shortcomings.
The speaker then introduces the concept of paper wallets, which are cold wallets that are secure in an offline environment. They note that while paper wallets are easy to deposit money into, they cannot process withdrawals. To process a withdrawal, one must use the Blue Wallet and import it into another wallet. They recommend paper wallets for long-term accumulation due to their low cost and ease of use.
The speaker also mentions the use of Python for processing with paper wallets. They note that while they have introduced processing locally a few times, they do not recommend using paper wallets for withdrawing coins due to the potential for mistakes and the lack of a safety device.
The speaker then discusses mobile wallets, such as Ugly Blue and Mun, which are easy to carry and free to use. However, they note that these wallets may be vulnerable to hacking due to their connection to the internet.
The speaker concludes by stating that if one is accumulating Bitcoin for the long term, paper wallets are good for that purpose. They also mention that Blue Wallet is good for on-chain use and that if one wants to withdraw small amounts frequently, they should use mobile hardware. They emphasize that the best wallet to use depends on the individual's needs and circumstances.
1. The speaker is preparing a video to share personal thoughts on using a wallet.
2. The speaker is concerned about purchasing Bitcoin and putting it on an exchange, as there is a risk of not being able to find all the Bitcoin if the exchange goes bankrupt.
3. The speaker recommends transferring accumulated Bitcoin to a personal wallet that exists on-chain.
4. The speaker is worried about how to prepare a personal wallet.
5. The speaker has researched and studied many types of wallets, including hard wallets.
6. Hard wallets are hardware devices optimized for managing Bitcoin.
7. The speaker has not used a hard wallet anymore.
8. The speaker is considering alternatives to hard wallets, such as paper wallets.
9. Paper wallets are cold wallets that are safe in an offline environment.
10. Paper wallets cannot process withdrawals, but they can process deposits.
11. To process a withdrawal, the speaker suggests using the Blue Wallet.
12. The speaker has shared videos on making paper wallets several times.
13. Paper wallets are easy to use and do not cost anything.
14. The speaker has introduced processing locally a few times.
15. The speaker has shared videos on making paper wallets using Python code.
16. The speaker has shared videos on making paper wallets using encryption and secret encryption.
17. The speaker has mentioned original services available as apps on mobile devices, such as Ugly Blue.
18. Ugly Blue is a Lightning wallet that is easy to carry and free to use.
19. The speaker has mentioned that Ugly Blue may be vulnerable to hacking because it is connected to the Internet.
20. The speaker recommends using only a small amount of Bitcoin.
21. The speaker concludes that paper wallets are good for long-term Bitcoin accumulation.
22. The speaker recommends using the Mobile Caterpillar app for withdrawing money.
23. The speaker recommends using the Mun app, which is now on the Lightning Network side.
24. The speaker mentions that Blue Wallet has Lightning now, but they will disappear in the future.
25. The speaker suggests using the information in the paper wallet in Blue One as a reference.
26. The speaker suggests using the Hair Hot Wallet for storing long-term money.
27. The speaker suggests using a paper wallet for storing long-term money.
28. The speaker suggests using a hard wallet for storing long-term money, but mentions the hurdles of cost and learning how to use it.
29. The speaker suggests using a paper wallet when stocking up for a long period of time, and using mobile hardware when wanting to withdraw something in small amounts.
30. The speaker ends the video by stating that the right answer is to use a wallet in the way that suits the user best.